U.S. court in Columbus

The U.S. is seeking as much as $5 billion in penalties from McGraw-Hill Cos. and its Standard & Poor’s unit as punishment for inflated credit ratings that were central to the worst financial crisis since the Great Depression.

McGraw-Hill Cos. and its Standard & Poor’s unit were sued by the U.S. over claims S&P knowingly understated the credit risks of bonds and derivatives that were central to the worst financial crisis since the Great Depression.